SF 3878

as introduced - 90th Legislature (2017 - 2018) Posted on 03/29/2018 04:03pm

A bill for an act
relating to the city of Bloomington; modifying the city's special TIF authority for
the Central Station district; amending Laws 2008, chapter 366, article 5, section
26, as amended.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

Section 1.

Laws 2008, chapter 366, article 5, section 26, as amended by Laws 2013, chapter
143, article 9, section 11, is amended to read:

Sec. 26. BLOOMINGTON TAX INCREMENT FINANCING; FIVE-YEAR RULE.

(a) The requirements of Minnesota Statutes, section 469.1763, subdivision 3, that
activities must be undertaken within a five-year period from the date of certification of a
tax increment financing district, deleted text begin are increased deleted text end new text begin and subdivision 4 of that section, relating to
use of increments after the end of subdivision 3's time limit, do not apply new text end to deleted text begin a 15-year period
for deleted text end the Port Authority of the City of Bloomington's Tax Increment Financing District No.
1-I, Bloomington Central Station.

(b) Notwithstanding the provisions of Minnesota Statutes, section 469.176, or any other
law to the contrary, the city of Bloomington and its port authority may extend the duration
limits of the district for a period through December 31, 2039.

(c) Effective for taxes payable in 2014, tax increment for the district must be computed
using the current local tax rate, notwithstanding the provisions of Minnesota Statutes, section
469.177, subdivision 1a.

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective upon compliance by the city of
Bloomington with the requirements of Minnesota Statutes, section 645.021, subdivision 3.
new text end